In a medium skillet over medium heat, heat oil. When oil is shimmering, add onion and garlic. Cook, stirring occasionally, until onion is soft, about 5 minutes. Remove from heat.
Add broth, cream, lime juice, cilantro, jalapeño, cumin, 1 teaspoon kosher salt, avocados, and sautéed onion and garlic to a blender. Blend on high until smooth, about 2 minutes. Season with salt to taste. Serve immediately at room temperature or refrigerate for up to 4 hours before serving.
Serve topped with hot sauce, cotija, tortilla chips, and cilantro.